Get Answers to Our Most Frequently Asked Questions
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £100 for 30 days. One total repayment of £124.00. Interest: £24.00. Interest rate: 292% pa (fixed). 1270% APR Representative.
For information regarding the recently announced redress scheme, please visit our Redress FAQ page.
Application and General Questions
Repayment and Account Info
To be eligible to apply, you must:
- Have a valid UK bank account.
- Be employed.
- Be a resident of the UK.
- Be at least 18 years old.
When applying you'll also need to provide us with the following information:
- Employment details.
- Bank account details.
- Income and outgoings/expenses.
- Other Personal Information.
You can check the status of your application online:
- Log-in to your account home page.
- At the top of your account home page you'll see information on the status of your current loan application.
Short-term loans should be used for short-term financial needs only, and not as long-term financial solution. As a responsible lender, we do not encourage thefrequent use of our service. If you're having recurrent financial problems, please see our “Where can I get financial advice?” question. Generally, the earliest you may apply for a new loan depends on your previous loan's repayment method and is subject to affordability checks in accordance with QuickQuid’s responsible lending policy. Read on to learn more about the different payment types.
- Continuous Payment Authority (CPA): If you pay by debit card, your payment will clear the bank in seconds and you may be able to apply for a new loan immediately.
- Direct Debit Authorisation (DDA): If you pay by an electronic cheque, it will normally take two working days for your payment to clear the bank. Once the payment clears, you may be able to apply for a new loan.
Example: Your repayment date is Friday and your full payment comes out of your account on that day. If the loan was repaid via debit card, you may be able to apply for another loan on Friday. If the loan was repaid via Direct Debit, you must wait until Wednesday before you are able to apply for another loan.
There are three repayment options you may be eligible for:
- 1-Period Loan: On your 1st and only payment date, you will owe your total balance (the loan amount plus accrued interest).
- 2-Period Loan: This option allows you to repay your loan over 2 periods. On your 1st repayment date, you will pay the interest that has accrued to date. On your 2nd repayment date, you will repay the loan amount you borrowed, plus the interest that has accrued between your 1st and 2nd repayment dates.
- 3-Period Loan: This option allows you to repay your loan over 3 periods. On your 1st repayment date, you will pay the interest that has accrued to date. On your 2nd repayment date, you will pay the interest that accrued between your 1st and 2nd repayment dates. On your 3rd repayment date, you will repay the loan amount you borrowed, plus the interest that has accrued between your 2nd and 3rd repayment dates. We will always send a reminder email at least 3 days prior to each payment date. If you have questions about your repayment options, please contact our Customer Service Team. Your repayment dates will always be set to your pay dates. You may not be eligible to apply for each period option given your pay date frequency and our minimum 27 day loan term restriction.
We will always send a reminder email at least 3 days before each payment date.
Your repayment dates will always be set to your pay dates. You may not be eligible to apply for each period option given your pay date frequency and our requirement that loan durations be no less than 27 days.
If you have questions about your repayment options, please contact our Customer Service Team.
Please note: Before taking out a loan, you should ensure you will be able to make your payments out of your normal disposable income. If you are approved for a multi-period loan, be aware that your final payment will be larger than your previous payment(s); you may need to save disposable income from a prior month in order to make the final repayment successfully.
APR stands for Annual Percentage Rate and represents the cost of a loan over an entire year. APR can be helpful in comparing two similar loans from separate lenders because it will allow you to determine the relative cost of each loan. While the APR may be a helpful tool for comparing loans, the total cost of credit is also a valuable tool, as it will tell you exactly how much the loan will cost. See our Rates & Terms page for more information on the APR and total cost of our loan products.
QuickQuid charges a daily interest rate of 0.80% on your outstanding principal per day.
For example: Your next paydate is in 30 days. You decide to take out a 1-period loan for £100.00. You will be charged 0.8% interest for a 30-day loan term which results in £24.00 in interest. In total, you will repay £124.00 (interest + principle) on your repayment date. The total amount of interest charged on your loan depends on the number of repayment periods for your loan. For more information, visit our Rates & Terms page (link to Rates and Terms).
Yes. We run credit-application checks with credit reference agencies to verify your application information and to help us determine whether your application will be approved or declined. Credit checks also help us determine the amount of your loan offer, if approved.
Important Notice: When we run a credit-application check, it will leave a footprint on your credit report. Footprints themselves are not negative, but if a credit report shows that many searches have been done in a short period of time, it could be seen by lenders or others as a sign of identity fraud or great financial need.
Those looking for financial advice can try the following free services:
- The Debt Counsellor’s Charitable Trust: A registered charity that offers free, confidential, impartial advice to English and Welsh consumers in financial difficulty. Their helpline is available Monday – Friday, 9 a.m. – 5 p.m. They are closed Saturday – Sunday. Call 0300 456 2726 or visit www.thedebtcounsellors.org.uk.
- National Debtline: A national telephone helpline for people with debt problems in England, Wales and Scotland. Their service is free, confidential and independent. Their helpline is available Monday – Friday, 9 a.m. – 9 p.m., and Saturday, 9:30 a.m. – 1:00 p.m. They are closed Sunday. Call 0808 808 4000 or visit www.nationaldebtline.co.uk.
- Money Advice Service: Independent service set up by the government to help people make the most of their money. They give free, unbiased money advice. Their hotline is available Monday – Friday, 8:00 a.m. – 8:00 p.m., and Saturday, 9:00 a.m. – 1:00 p.m. For English, call 0300 500 5000. For Welsh, call 0300 500 5555. Or, you can visit www.moneyadviceservice.org.uk.
QuickQuid takes the protection of our customers’ information seriously. We employ a number of technologies to protect your information, including VeriSign and McAfee, among others. To protect yourself against potential scammers who might present themselves as QuickQuid or another lender, remember you should:
- Never make any payments over the phone unless the details of your original loan can be confirmed.
- Never provide personal information in response to an unsolicited email or call.
- Never respond to suspicious emails that request personal information.
- Check your account regularly for suspicious activity.
You may report complaints in reference to QuickQuid loan products, policies or services via email at email@example.com or via phone at 0800 210 0994 (call free from landlines; mobile phone companies may charge up to 40p per minute). Here’s how we process complaints:
- Upon receipt of your complaint, QuickQuid will assign an issue number, review the report, and do our best to resolve the problem via email response by the end of the next business day. If we can't do this, we will send you a prompt written or electronic acknowledgement with information on who is dealing with your complaint. If you are not satisfied with our response, you may appeal the decision via email at firstname.lastname@example.org. We ask that you please state your objection(s) to the previous decision and include any new evidence to be considered.
- We will negotiate with you and send you our full response within eight weeks of receiving your complaint. Our letter will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied.
- If you are dissatisfied with our final response, you can ask the Financial Ombudsman Service for an independent review. We will enclose a leaflet (or provide you with a link to the leaflet) from the Financial Ombudsman Service in our final response letter to assist you if you decide to pursue this course of action.
If you wish to contact the Financial Ombudsman Service, you should do so within six months of receiving our final response.
Financial Ombudsman Service (FOS)
South Quay Plaza
183 Marsh Wall
London E14 9SR
Tel: 0845 080 1800
QuickQuid charges 0.8% daily interest on loans. Generally, discount codes reduce this daily interest rate by a certain percentage for the duration of the loan.
For Example: You apply for a 30-day, £100 loan and are approved. You use a discount code for 10% off interest. Your daily interest then decreases by 10%, from 0.8% to 0.72%. This results in savings of £2.40 on total interest accrued on this loan.
Note: There may be other conditions and/or restrictions that apply to other promo or discount codes that we offer.
You can sign up for discount and promotional communications by logging in to your account and updating your settings under “Contact Preferences.” You can choose to receive discounts by email, SMS and/or post.
You can check the status of your loan online:
- Log into your Account Home page.
- The top of your Account Home will contain information on the status of your current loan.
With QuickQuid, you can choose between two automated payment methods: Continuous Payment Authority (CPA) and Direct Debit Authorisation (DDA). When you fill out your application, we’ll ask you to choose your preferred method and agree to its terms.
- Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a borrower’s nominated bank account using debit card details. We will fully disclose the terms of a CPA during the loan application process, to which a borrower must agree. If you choose this method, QuickQuid will use your debit card details to set up the CPA, withdrawing your payments on their due dates without requiring express authorisation for each withdrawal. It is important that you are fully aware of the commitment you are entering into when setting up a CPA. On your repayment date, QuickQuid will debit your account for the amount due. If the debit fails, QuickQuid may attempt to debit a second time on the same day or the following business day.
- Direct Debit Authorisation (DDA) behaves similar to an electronic cheque. QuickQuid presents the authorisation to your bank and your bank sends the specified payment amount to QuickQuid to satisfy the loan agreement.
If you will not be able to repay the amount due on your next repayment date, please contact us immediately. Depending on your situation, we maybe be able to offer you a due date adjustment, an extension or a fixed repayment plan. Here's how each option works:
- Due date adjustment: If you are certain you can make your payment within a few days of your due date, we may be able to postpone your repayment date by up to 3 calendar days. This adjustment can be made no more than once per loan.
- Extension: If you need more than a few extra days to repay your loan, you may be able to apply for an extension. You can see if you're eligible to apply for an extension by logging in to your account. If your extension application is approved, the interest you accrued on the original loan must be paid on the original repayment date. The repayment of your loan principal will then be moved to a later repayment date. On this new repayment date, you will repay the loan principal along with additional accrued interest. Because you will pay additional interest on your outstanding principal, extensions are granted solely at our discretion, based on whether we believe you will be able to repay the extension without undue difficulty. You may apply for a maximum of two extensions per loan.
- Fixed repayment plan: If you are in severe financial hardship, you should contact us immediately, as we may be able to provide you a fixed repayment plan.
Important notice: We may be unable to offer the above options unless you contact us in a timely matter. If your payment method is:
- Debit Card, then you must contact us at least one business day before your scheduled repayment date.
- Direct Debit, then you must contact us at least three business days before your scheduled repayment date.
At QuickQuid, we understand that your financial circumstances can change in an instant. If you know that you won't be able to repay your loan amount on your payment date, you should contact us immediately so that we can do our best to help set up payment arrangements that work for you. If your loan payment is dishonoured, returned, unpaid or otherwise missed, you may be charged a late fee of up to £15.00. We may also charge you default interest on any outstanding principal at the same daily interest rate as your contracted interest rate, beginning on the first calendar day after the repayment date. Missing payments can make it more difficult and/or expensive for you to obtain credit, and such missed payment may adversely affect your credit report. In addition, if you default under a loan agreement, we may commence legal proceedings. You may be required to pay us the reasonable expenses and costs we incur in those legal proceedings or in attempting to enforce our rights against you under the loan agreement.
If eligible to apply for a Top-Up, the maximum amount you are eligible to apply for is displayed on your Account Home page. Keep in mind that your new loan (previous unpaid principal + Top-Up) can total no more than £1,500.† Your actual Top-Up amount is subject to approval.
If approved, the money will usually be sent to your bank account 10 minutes after approval. This depends on whether your bank supports Faster Payments. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval, as long as you're approved by 14:30 on that day.
To update your personal and employment information, please do the following:
- Log in to your account using the Customer Log-in fields at the top of the screen.
- Click on the corresponding link of the information you need to change under the “Account Details” header.
- Make the change and click “Update.” Please note that some information cannot be updated unless you contact our Customer Service team on 0808 234 4558.
To reset your password, click the "Log-In" button on the top of the page. Then:
- Enter your email address and click "Forgot your email or password?"
- Check your email for a temporary password.
- Log in to your account with the temporary password and update your password when prompted.
If you’re already logged in to your account and would like to change your password, simply click on the “Change Password” link on the Account Home menu.
To ensure you receive important emails from QuickQuid, please take a moment to add our email address (email@example.com) to your address book, or to your spam "good list” or “whitelist.” Sometimes new email spam filters incorrectly categorise messages from QuickQuid as “unsolicited” and redirect them to a spam, bulk or junk email folder, or even delete them altogether. Read on for instructions on how to add QuickQuid to your address book in Outlook and Gmail:
Unfortunately, QuickQuid cannot offer you additional funding options until your QuickQuid FlexCredit® loan is paid off. Once you pay off your QuickQuid FlexCredit® loan, you may be eligible to apply for a short-term loan. We will update you with an email detailing your options once you pay off your loan. You can also log in to your account to check your eligibility at any time. Please note, short-term loans should be used for short-term financial needs only, not as long-term financial solutions. As a responsible lender, we don’t encourage you to use this service frequently. Each loan application is subject to affordability and credit checks in accordance with our responsible lending policy.
You can repay the loan all at once, add additional payments or just make minimum monthly payments on your scheduled due date. Your Minimum Monthly Repayment is the sum of:
- 10% of the original credit draw, plus interest accrued
- 10% of the principal amount of any subsequent credit draws, plus interest accrued
If you would like to make additional payments, simply log in to your account — there is no need to wait for your due date to make a payment. While the minimum monthly repayment is the least amount you may pay back each month, you can pay off more than the minimum in order to reduce the total cost of your loan.